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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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on social security he denied any effect on the deficit at all. durbin said earlier last week social security hasn't added a dime to the dif is it. in fact, in 2012, it adds $160 billion of debt. there is more money in trust fund of social security to take care of it for 20 more years 25, more years. that means that pieces of paper in the trust fund with the treasury says we will pay you. but it doesn't have the money. it's spent the surplus in the past. that is simply a promise, from a treasury which is bankrupt. they won't touch social security. why? political implications. republicans are bad guys and they are the good guys. we don't want to balance it on back of seniors as if you are going to reform this and killing the budget. everybody agrees that is the one area where the treasury is hemorrhaging. impacting the seniors to get out of the drug company. that is absurd. the only way to attack this is to slow down the growth of healthcare. and the one area that you could really do that tort reform where a quarter of all spending in medicine is s
on social security he denied any effect on the deficit at all. durbin said earlier last week social security hasn't added a dime to the dif is it. in fact, in 2012, it adds $160 billion of debt. there is more money in trust fund of social security to take care of it for 20 more years 25, more years. that means that pieces of paper in the trust fund with the treasury says we will pay you. but it doesn't have the money. it's spent the surplus in the past. that is simply a promise, from a treasury...
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based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt talks in august of 2011? >> it was on the table. did the president agree to it... he may have been close to an agreement to it. if he agreed to it, we might not have this problem today. >> chris: is that on the table now. >> of course it is. >> chris: no, from their point of view? >> listen, there are a lot of items on the table. the president knows what they are. the question is, what are they willing to do. >> chris: you are starting to have political problems, because you are starting to have splits in your ranks, i don't have to tell you you one of the top congressional republ
based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt...
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Nov 29, 2012
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oh my goodness deficit deficit deficit, fix the tax code, and what are they proposing lowering their own taxes. it's a sham and they ought to be rolled out of town if people understand what they were talking about. >> if people are worried about how they're going to take care of the homeless, how schools will be able to accommodate 30 kids in the class rom how people will be able to make ends meet when unemployment disappears. they can't be here. they can't afford it. they come here and write it off in their taxes $20 million a year ceos from these corporations, and continue to spread the hysteria and--and if their plan goes through the austerity plan, they and their company and their bonuses are actually the only thing that is going to improve in this economy. >> eliot: as they have over the past couple of years. income disparity is worse and worse and incomes are going up. lloyd blankfein telling people that they people should not expect to work for 25 years and then retire for 30. i don't think he understands what social security is all about. >>> the hispanic caucus said no today
oh my goodness deficit deficit deficit, fix the tax code, and what are they proposing lowering their own taxes. it's a sham and they ought to be rolled out of town if people understand what they were talking about. >> if people are worried about how they're going to take care of the homeless, how schools will be able to accommodate 30 kids in the class rom how people will be able to make ends meet when unemployment disappears. they can't be here. they can't afford it. they come here and...
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Dec 7, 2012
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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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it will have no effect on deficit. no effect on rescuing us. and i think republicans ought not play that game. it doesn't help the income. >> to answer your question, the middle class tax cuts are permanent. and the response to charles would be that the obama white house believes it will help the economy. >> they're completely wrong. that is the problem. >> bret: next up, the friday lightning round. [ "odd couple" theme plays ] humans -- even when we cross our t's and dot our i's, we still run into problems. namely, other humans. which is why, at liberty mutual insurance, auto policies come with new car replacement and accident forgiveness if you qualify. see what else mes standard at libertymutual.com. liberty mutual insurance. responsibility. what's your policy? >> bret: every week, viewers vote for your choice online in the lightning round poll. and this week, cabinet reshuffle won with 36% of the vote. back with the panel. okay, bill. susan rice hasn't been dominated for everything but we think she might be nominated for secretary of state.
it will have no effect on deficit. no effect on rescuing us. and i think republicans ought not play that game. it doesn't help the income. >> to answer your question, the middle class tax cuts are permanent. and the response to charles would be that the obama white house believes it will help the economy. >> they're completely wrong. that is the problem. >> bret: next up, the friday lightning round. [ "odd couple" theme plays ] humans -- even when we cross our t's...
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Dec 5, 2012
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we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i said to him look, you've been here a long time, i'm relatively new, these are very tough jobs in the best of circumstances, and if we don't have some degree of trust between us, they will be impossible jobs. so i said to him i want to tell you how i intend to behave toward you and to ask that you behave towards me in the same way. and we agreed on the most basic of things. i told him i would not surprise him, that's important in the senate. that he wo
we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of...
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7% unemployment because so many people left the workforce. 146,000 jobs. the question a lot of people are asking is when are we going get back to good honest job creation to grow the economy? what is it going to take? >> political will in a word. what is interesting about the jobs numbers and the economy in general is that it's not so much the fundamentals of the economy. businesses who hire people who create jobs which nancy pelosi is looking for are looking for political will out of washington. they are looking for certainty on the fiscal cliff. certainty that debt re
you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7%...
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since then, we have that $1.20 trillion deficits, $1.30 trillion deficits, and it simply is not enough. let's do some realistic mathematics, which everyone is ignoring. if we do some honest macros scoring, if you have a goal of stabilizing, it is not enough, because we get the demographic bust happening to us in 2020. we actually have to have our debt coming down if we have any chance of surviving the entitlements, so that is not enough. you really have to get a number like $6 trillion or $7 trillion, ok? let's give the president his fantasy about what he can get from the rich. we have got $1.20 trillion to go. i am sorry. not fighting the wars in iraq and afghanistan is not savings, any more than my not by a maserati next year is a savings. where are we going to get the money? we will need that in the future. say we get another $1.80 trillion in discretionary cuts. where are you going to get the other $3 trillion? there is only one other thing out here, and we do not want to admit it, and that leads ultimately you have to get money from others than the rich, and that is why i was inte
since then, we have that $1.20 trillion deficits, $1.30 trillion deficits, and it simply is not enough. let's do some realistic mathematics, which everyone is ignoring. if we do some honest macros scoring, if you have a goal of stabilizing, it is not enough, because we get the demographic bust happening to us in 2020. we actually have to have our debt coming down if we have any chance of surviving the entitlements, so that is not enough. you really have to get a number like $6 trillion or $7...
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we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax to save 2% of the wealthiest americans paying a little bit more. and that's a very bad position for the republicans to find themselves in, isn't it? >> it certainly is. it's a very bad position for them to find themselves in. the fact of the matter, it isn't true. raising taxes on the wealthiest americans will not only solve the problems. it doesn't even address the core problems. the core problems, $16 trillion in national debt comes from government overspending. and we have sluggish growth. raising the taxes on anybody, whether it's the poor or the middle class or the wealthiest
we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle...
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rajoy has warned it will achieve the deficit target agreed with the eu. he said he couldn't guarantee there would nobody further spending cuts and he would not have any doubts about using the ecb's omt program, though of course with yields where they are at the moment, they don't have to. in fact we spoke to patrick garvey a little bit earlier today that suggests that the risk-on theme for debt will continuum at least the end of january. remember, spain will have another batch of pre-funding for 2013 later this week on thursday. otherwise that's it for today's edition. coming up, the first "squawk box" of the week and countdown to the open of markets state side. whatever happens, we hope you have a profitable day. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. tis the pursuit of perfection. >>> good morning. today's top stories. fiscal cliff hanger. there's now less than a m
rajoy has warned it will achieve the deficit target agreed with the eu. he said he couldn't guarantee there would nobody further spending cuts and he would not have any doubts about using the ecb's omt program, though of course with yields where they are at the moment, they don't have to. in fact we spoke to patrick garvey a little bit earlier today that suggests that the risk-on theme for debt will continuum at least the end of january. remember, spain will have another batch of pre-funding...
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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mess, both sides have what they say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you look
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be the case for long if we have a recession followed by a typical bear market. lou: how long to get to recession -- >> we can get there pretty quick. in fact, some of the down downdrafts are starting to form. we saw those in the q3 gdp numbers were sinking into @%ntraction. lou: 2.7 -- >> employment reports gnar november and december, not surprised if gains in private sector payrolls are well over 100,000 new jobs. lou: that would not be good. baseline at least, i think, for passable is 125. what's your judgment? >> about the same, okay, that's a c-minus grade, get a "c" if we hit 150. lou: might s
last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be...
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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it means emphasizing jobs and growth instead of deficit reduction. that's something that's going to make liberals in washington extremely happy and the whole package including this debt ceiling, getting rid of congress's authority over the debt ceiling is something -- it is just politically strong. it is going to make his voters feel emboldened. they're going to give them something to rally around instead of a discussion on numbers and how much are we going to give to entitlements. he said to his base and to his voters who just re-elected him by a reasonably handy margin, we've got something to fight for here. >> eliot: i don't want to go off on the conversation exclusively about the debt ceiling but he's right about saying to congress you pass the spending bills you pass the taxing bills therefore when we hit the debt ceiling, it is merely carrying out your own legislation. i shouldn't need to go back to you to fund the debt plus there is the constitutional argument. he's saying to john boehner i'm taking your leverage home with me. he's right about
it means emphasizing jobs and growth instead of deficit reduction. that's something that's going to make liberals in washington extremely happy and the whole package including this debt ceiling, getting rid of congress's authority over the debt ceiling is something -- it is just politically strong. it is going to make his voters feel emboldened. they're going to give them something to rally around instead of a discussion on numbers and how much are we going to give to entitlements. he said to...
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we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of circumstances. you analyze the data, look at the economy, you come up with policies that are appropriate. >> eliot: now, you have been a rather harsh critic of the way the second president bush ran the economy basically saying he disa vowed principles and put in place massive spending without caring about deficits at all. you were there. what happened as you saw this and did you push back? >> oh, yes i wrote a book called imposter, president bush destroyed the economy. which got me fired from my think tank job
we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't...
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the present proposal, do you see any common ground? -- and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think...
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we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that requires companies to notify you if it is taking information from you. to law is about to be put to the test. i got word in the last 30 seconds and a ruling from the supreme court, a decision from the supreme court, actually, on whether it will hear a same-sex marriage case and the constitutionality of that. the answer is "yes" the court has notified us. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and redu
we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that...
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that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull ourselves out of this thing. >> eric: i heard you laugh, martin on the "two-term jimmy carter" line. >> he doesn't want to be a two-term george w. bush that took us in a steep recession. >> hey, you are the one with the bush tax cut. >> this can be worked out. everybody knows that. you can raise rates a point or two, that is not going to be end of the world. republicans understand that. let's get through with the fear we have had a couple of weeks of theater and let's get down to serious negotiations. i don't think the republicans want to fight to the death to protec
that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull...
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he said that's going to put a drag on the economy but we have to do something about the deficit. i don't really understand reasonings. i think he needs to go back to economic then i would argue the deficit gets worse because the revenues don't come in because the unemployment rate goes up. >> you're absolutely right. france instituted a 75% marginal tax great early last night grease going we've got to make sure we're getting gross right if we want to face the deficit. you go pro row tax reform you broaden out debate like an 82-year-o 82-year-old. >> you think, however, reading from your notes and looking at the stock market, particularly retail stocks, you believe that taxes are going up. you believe that's the stock market message, it meal why then. the blebs saying it when you look at the retailing names, the market tells you they think all the middle class market will get extended. you see order? core it's not just this consumption that's going to you're going to gets will live dent, small cap stocks are underperforming. we're going to have a hard cap gains tax, a high are def
he said that's going to put a drag on the economy but we have to do something about the deficit. i don't really understand reasonings. i think he needs to go back to economic then i would argue the deficit gets worse because the revenues don't come in because the unemployment rate goes up. >> you're absolutely right. france instituted a 75% marginal tax great early last night grease going we've got to make sure we're getting gross right if we want to face the deficit. you go pro row tax...
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Nov 29, 2012
11/12
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FOXNEWSW
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it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those? >> yes. i think that, and i know that democrats accept that this has to be it, a balanced package, that includes revenues and cuts and spending cuts. >> months ago, the budget carney held up was voted down by the entire senate. 99-0. meaning no democratic support. earlier, dick durbin insisted spending cuts from entitlement reform will not be part of the talks while pelosi spell noncommittal whether the cuts will be in the deal. still, the administration is trying to breathe life to the talks, with vice president biden shopping at new costco in washington, picking up a big screen tv and apple pie and insisting he is o
it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those?...
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Dec 5, 2012
12/12
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FOXNEWSW
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that's half of last year's federal deficit. what's 800 billion in savings over a decade? that's irrelevant. absolutely. whatever time he spent negotiating that was a complete waste of time. >> here's my criticism. they seem to be negotiating against themselves. they give a proposal, obama gives a non-proposal, and they respond with another proposal. here's what i don't understand. seems the answer is simple if they're worried about the pr side or the political side. pass the bill. extend all the bush tax cuts and then the president and the senate or the president decides if they want to raise taxes on the middle class or not. put it on them. put the onus on them. >> they will have voted not to do that. obama has made a bet that the republican party is so inept at the politics of this that they will get stuck with it. he can hang the debt alba tros of the biggest tax increase in american history around their next. >> he wants it all. howard dean is the only guy i see that has said this is the best case scenario. they get defense sequestration, they get to raise taxes on ev
that's half of last year's federal deficit. what's 800 billion in savings over a decade? that's irrelevant. absolutely. whatever time he spent negotiating that was a complete waste of time. >> here's my criticism. they seem to be negotiating against themselves. they give a proposal, obama gives a non-proposal, and they respond with another proposal. here's what i don't understand. seems the answer is simple if they're worried about the pr side or the political side. pass the bill. extend...
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Nov 30, 2012
11/12
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FBC
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you also think at the end of the day doesn't matter about the deficit. we are focused on the wrong issue and you are telling long-term investors stay in, don't tinker. >> stay the course. stocks are still cheap, very dumb policy makers at the end of the day. this is not sandy number 2. we can fix it. the stock market is not just the united states. take a company like coca-cola, 80% of sales outside this country and finally even if we were to go off of the cliff there are long-term benefits and a lower deficit so at the end of the david as a long-term rise in, properly diversified state of course. cheryl: japanese stocks and aig, a stock that has run up 39% over the last year despite government issues and government involvement you're sticking with a ig. want to recommend that going into a cliff discussion. >> there is nothing about sandy and recent events that would cause anyone not to renew their property and cash will policy. no matter what happens to the economy people will pay that insurance, it is the dominant provider trading 40% off of book value.
you also think at the end of the day doesn't matter about the deficit. we are focused on the wrong issue and you are telling long-term investors stay in, don't tinker. >> stay the course. stocks are still cheap, very dumb policy makers at the end of the day. this is not sandy number 2. we can fix it. the stock market is not just the united states. take a company like coca-cola, 80% of sales outside this country and finally even if we were to go off of the cliff there are long-term...
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Dec 5, 2012
12/12
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CURRENT
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let's not forget, the deficit isn't the biggest problem. it's the lack of demand and equity in our distribution of income, two little data points we shouldn't forget. 93% of the in jump added in the 2010 went to the top 1% and wages are the lowest they've ever been. it's simply not fair. for ideas to solve the problems and the deficit at the same time, bob rob an and larry summers suggested some away raise capital gains taxes. lets stop giving capital preferences over earned income. it's only fair and right. it won't solve the problem but will go a long way. back to john boehner. he doesn't say anything about this, because he refuses to raise rates. it can only be because he refuses to see the real problem. joining me now congressman thank you for joining us as always. >> thank you. am i right about the boehner proposal and what the underlying problems are. >> you are. also it's also true with the boehner proposal is it's not specific. he makes the general claim that will put $800 billion of revenuen oh the table but doesn't say from where.
let's not forget, the deficit isn't the biggest problem. it's the lack of demand and equity in our distribution of income, two little data points we shouldn't forget. 93% of the in jump added in the 2010 went to the top 1% and wages are the lowest they've ever been. it's simply not fair. for ideas to solve the problems and the deficit at the same time, bob rob an and larry summers suggested some away raise capital gains taxes. lets stop giving capital preferences over earned income. it's only...
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Dec 5, 2012
12/12
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CSPAN
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we cannot wait to fix the deficit until we fix the health care system. -- we cannot wait to fix the deficit to fix the health care system. i think including any vat as a way to pay for health care will solve the deficit situation while allowing the flexibility to do what we need to do on health care side. >> go ahead. >> first off, let me say any tax policy should add as its foundation the purposes of creating fairness, but also growth. that is what we should try and have as our goal here, and i think simpson-bowles got it right. i feel strongly about that, that you get a much better tax policy if you reduce rates. on the vat tax, my theory, having served as governor and in the senate for a while, is all government moves left. the speed at which it moves to the left depends -- think of it as a train -- it depends on the engines on the train. the engines are revenue sources. at the federal level it is the capacity to borrow. if you put an engine of the value-added tax on any train, whether a state sales tax or a federal value-added tax, you will dramatically expand the size of the government
we cannot wait to fix the deficit until we fix the health care system. -- we cannot wait to fix the deficit to fix the health care system. i think including any vat as a way to pay for health care will solve the deficit situation while allowing the flexibility to do what we need to do on health care side. >> go ahead. >> first off, let me say any tax policy should add as its foundation the purposes of creating fairness, but also growth. that is what we should try and have as our...
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Dec 7, 2012
12/12
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MSNBCW
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it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of the budget and really provides the kind of sense of security that households, small businesses, everybody needs to know so we can start planning for the economy and hopefully getting things growing back again. one of the things you see is that when your debt levels are as high as they are, in this country right now, that's a tamp on economic growth and can harm growth. that's the point we're at. we know that part of a growth strategy will have to be getting control of these deficits and debt and fix the debt as basically saying, we have to work this out and do it in a bipartisan wa
it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of...
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Dec 2, 2012
12/12
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MSNBCW
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we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases right away. >> yeah. >> can i ask you, though, how can you guarantee e that all the extra tax hikes and provisions actually go towards paying the national debt and not more spending and more programs? >> you can't guarantee that but you have a conservative republican congress. they are not going to vote for any spending increase. why not take advantage of that and make the initial cuts and let them go into a stalemate for awhile. that's a pretty big amount. my sges that provides the certainty. we go back to the clinton tax rates. and we make sig
we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases...
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Dec 5, 2012
12/12
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CNBC
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but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's
but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing...
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. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frighted republicans that the debate is not just a
. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has...
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Dec 1, 2012
12/12
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CNBC
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it would make a difference in the deficits. and then we'll talk revenue. >> larry we're not suggesting dropping out, either. >> neil pattell thank you very much. senator kay bailey hutchson appreciate it. >>> next up lipitor and the fallout. the people who take the popular drug need to know. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... those surprising little still make you take notice. there are a million reasons why. but your erectile dysfunction that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment's right. you can be
it would make a difference in the deficits. and then we'll talk revenue. >> larry we're not suggesting dropping out, either. >> neil pattell thank you very much. senator kay bailey hutchson appreciate it. >>> next up lipitor and the fallout. the people who take the popular drug need to know. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500...
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Dec 6, 2012
12/12
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CSPAN
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eye 102
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this isn't about the deficit for them or balance. it's about an ideological campaign that most americans thought would have ended on november 6, and that's also why the president sent secretary geithner up here last week with a proposal so completely ridiculous it wouldn't have passed the house, as i indicated earlier, if nancy pelosi were still speaker. it was more of a provocation than a proposal, to be perfectly frank about it. it was a message that the president doesn't want to deal at all. to date not a single democrat has come forward to support the geithner proposal, and anybody who actually looks at the details would certainly understand why. as i just indicated, it includes a $2 trillion tax increase over ten years, the biggest real-dollar tax increase in u.s. history. it increases taxes on nearly one million small businesses in the middle of a jobs crisis. according to ernst & young, this type of rate hike would cause more than 700,000 americans to lose their jobs. it raises taxes on investment income, harming economic grow
this isn't about the deficit for them or balance. it's about an ideological campaign that most americans thought would have ended on november 6, and that's also why the president sent secretary geithner up here last week with a proposal so completely ridiculous it wouldn't have passed the house, as i indicated earlier, if nancy pelosi were still speaker. it was more of a provocation than a proposal, to be perfectly frank about it. it was a message that the president doesn't want to deal at all....